Henry works for IBM. On December 1, 2021 as part of his yearly compensation Henry received 1000 shares of IBM stock then trading at $124 a share. The stock is forfeitable, however if Henry quits working for IBM before January 1, 2026. Assume Henry does not make an election under section 83(b) of the Internal Revenue Code. How much taxable gross income does Henry have in 2021 relating to the IBM stock grant? Would your answer change if he made a section 83(b) election? If so, please explain the impact?